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HTML clipboardAccounts Class - XII (CBSE)
You are on Set no 1 Qno. 1 to 9
Time allowed: 3 hours
[Maximum marks : 100
Notes :-
(i) This question paper is divided into four parts - I, II, III and IV.
(ii) Part I is compulsory for all candidates and of the remaining parts II, III and IV you can attempt only one part.
(iii) Each part carries 50 marks.
(iv) Each question carries marks indicated against it.
Part I Accounting
Q1) Why is 'Profit and Loss Appropriation Account' prepared? (Marks 3)
Q2) What are the alternatives available to a company for the allotment of debentures when there is over- subscription of debentures? (Marks 3)
Q3) A and B were partners sharing profits in the ratio of 3 : 2. They admitted X and Y as new partners. A surrendered 1/3rd of his share in favour of X and B surrendered 1/4th of his share in favour of Y. Calculate the new profit sharing ratio of A, B, X and Y. (Marks 3)
Q4) A and B were partners in firm sharing profits and losses equally. Their firm was dissolved on 15th March 1999, which resulted in a loss of Rs. 30,000. On that date the capital account of A showed a credit balance of Rs. 20,000 and that of B a credit balance of Rs. 30,000. The cash account had a balance of Rs. 20,000. You are required to pass the necessary journal entries for the :
(i) transfer of loss to the capital accounts of the partners and
(ii) making final payment to the partners. (Marks 4)
Q5) M and J are partners in a firm sharing profits in the ratio of 3 : 2. They admitted R as a new partner. The new profit sharing ratio between M, J and R will be 5 : 3 : 2. R brought Rs. 25,000 for his share of goodwill premium. Pass the necessary journal entries for the treatment of goodwill? (Marks 3)
Q6) Suvidha Ltd. purchased machinery worth Rs. 1,98,000 from Suppliers Ltd. The payment was made by issue of 12% debentures of Rs. 100 each. Pass necessary journal entries for the purchase of machinery and issue of debentures when:
(i) Debentures are issued at par.
(ii) Debentures are issued at 10% discount.
(iii) Debentures are issued at 10% premium. (Marks 4)
Q7) X Limited has an authorise capital of Rs. 10,00,000 divided into equity shares of Rs. 10 each. The company invited applications for 50,000 shares. Applications for 40,000 shares were received. All calls were made and were duly received except the final call of Rs. 2 per share on 1000 shares. 500 of the shares on which the final call was not received were forfeited. Show how Share Capital will appear in the Balance Sheet of the company as per Schedule VI Part - I of the Companies Act. 1956? (Marks 5)
Q8) AB Ltd. invited applications for 1,00,000 12% preference shares of Rs. 100 each issued at a discount of 10%. The amount was payable as follows :
On Application Rs. 20
On Allotment Rs. 30
On First and Final Call - balance
Applications for 1,50,000 shares were received. Applications for 30,000 shares were rejected and pro-rata allotment was made to the remaining applicants. All calls were made and were duly received except the first and final call on 1000 shares held by Kumar. His shares were forfeited. Out of the forfeited shares 750 shares were re-issued at Rs. 120 per share fully paid up.
Pass necessary journal entries in the books of AB Ltd.
OR
The following balances appeared in the books of Madhu Ltd. as on 1st April 1997:
12% Debentures
Debenture Redemption Fund
Debenture Redemption Fund Investments Rs. 1,50,000
Rs. 1,25,000
Rs. 1,25,000
The Debenture Redemption Fund Investments were represented by Rs. 1,30,000 9% government securities.
The annual instalment added to the fund was Rs. 20,600. On 31st March 1998 the bank balance before the receipt of interest on investments was Rs. 40,000. On that date all the investments were sold at 84% and the debentures were duly redeemed.
Prepare Debentures Accounts, Debenture Redemption Fund Account, Debenture Redemption Fund Investment Account and Bank Account for 1997-98. The company closes its books on 31st March every year. (Marks 11)
Q9) A, B and C were partners sharing profits in the proportions of 1/2, 1/3 and 1/6 respectively. The Balance Sheet of the firm on 31st March 1998 was as follows :
Liabilities Amt. (Rs.) Assets Amount (Rs.)
Sundry
Creditors
Provident Fund
Reserve Fund
Capitals:
A
B
C 12,600
3,000
9,000
40,000
36,500
20,000
1,21,100
Cash at Bank
Debtors
Rs. 30,000
Less Provision Rs. 1,000
Stock
Investments
Patents
Plant and Machinery 4,100
29,000
25,000
10,000
5,000
48,000
1,21,100
C retired on the above date on the following terms :
(i) Goodwill of the firm was valued at Rs. 27,000, but it was not to remain in the books of the new firm.
(ii) Value of the patents was to be reduced by 20% and that of Plant and Machinery by 10%.
(iii) Provision for doubtful debts was to be raised to 6%.
(iv) C took over the Investments at a value of Rs. 15,800.
(v) Liability on account of Provident Fund was only Rs. 2,500.
Show the necessary journal entries for the treatment of goodwill, prepare revaluation account, capital accounts of the partners and the Balance Sheet of A and B after C's retirement. (Marks 14)
OR
Following is the Balance Sheet of Hari, Ram and Shyam as on 31st December 1994.
Liabilities Amount (Rs.) Assets Amount (Rs.)
Sundry creditors
Reserve fund
Capital Accounts:
Hari
Ram
Shyam 3,000
3,200
10,000
5,000
5,000 Tools
Furniture
Stock
Debtors
Cash at Bank
Cash in Hand 1,000
8,000
6,000
6,000
5,000
200
26,200
26,200
Ram died on 31st March 1995. Under the partnership agreement the executor of Ram was entitled to :
(a) Amount standing to the credit of his capital account.
(b) Interest on capital which amounted to Rs. 62.50.
� His share of goodwill Rs. 3,500.
(d) His share of profit from the closing of the last financial year to the date of death which amounted to Rs. 437.50.
Ram's executor was paid Rs. 1,800 on 1st April 1995 and the balance in four equal yearly instalments starting from 31/3/1996 with interest @ 6% p.a.
Pass the necessary Journal entries and draw up Ram's Account to be rendered to his executor and Ram's Executor's account till it is finally paid.
SIS OF FINANCIAL STATEMENTS)
Q10) When does flow of funds take place? Explain briefly? (Marks 3)
Q11) A company earns a gross profit of 20% on cost. Its credit sales are twice its cash sales. If the credit sales are Rs. 4,00,000, calculate the gross profit ratio of the company. (Marks 4)
Q12) Find out the sources and application of funds from the details given below extracted from the Balance Sheet of Arun Ltd:
Machinery at cost
Provision for Depreciation on Machinery
31/12/1997
Rs.
8,00,000
1,00,000 31/12/1998
Rs.
14,00,000
1,50,000
Additional Information :
During the year a piece of machinery costing Rs. 30,000 on which accumulated depreciation was Rs.10,000 was sold for Rs. 25,000 (Marks 5)
Q13) Briefly explain the meaning and significance of any two of the following ratios :
(i) Return on Investment,
(ii) Debt - Equity Ratio and
(iii) Stock Turnover Ratio. (Marks 5)
Q14) Prepare a comparative income statement of X Ltd., with the help of the following information:
Sales
Cost of goods sold
1997
Rs.
1,00,000
60% of Sales
1998
Rs.
2,00,000
70% of Sales
Indirect expenses
Rate of Income Tax 10% of Gross Profit
50% of Net Profit before Tax
(Marks 5)
Q15) What is meant by analysis of financial statements? Briefly explain horizontal analysis.? (Marks 6)
Q16) Calculate any three of the following ratio with the help of he following information :
(i) Operating ratio, (ii) Current ratio, (iii) Capital turnover ratio and (iv) Debt to total funds ratio.
Information: Equity Share Capital Rs. 5,00,000; 12% Debentures Rs. 6,00,000; 9% Preference Share Capital Rs. 3,00,000; General Reserve Rs. 1,00,000; Sales Rs. 10,00,000; Opening stock Rs. 80,000; Purchases Rs. 6,00,000; Wages Rs. 1,00,000; Closing Stock Rs. 1,00,000; Selling and distribution expenses Rs. 20,000; Other current assets Rs. 5,00,000 and Current liabilities Rs.3,00,000 (Marks 6)
Q17) Prepare a Cash Budget of Rama Ltd. for the months of January to March 1999 from the following information:
Credit Purchases (Rs.) Credit Sales (Rs.) Wages (Rs.)
1998
November 2,00,000 2,50,000 50,000
December 3,50,000 3,00,000 60,000
1999
January 3,00,000 4,50,000 70,000
February 4,00,000 2,00,000 80,000
March 5,00,000 3,50,000 70,000
Additional Information : (i) Expected cash balance as on 1/1/1999 Rs. 75,000 .
(ii) Suppliers allowed credit of two months and a credit of two months is allowed to the customers.
(iii) Lag in payment of wages one month. (Marks 6) |
